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test and panel regression. The first examined period is from 1Q 1997 to 3Q 2020. The period between 1999 and 2020 is … show that after the crisis the global output gap predicts the evolution of inflation in the Eurozone panel. On the other … inflation is the domestic output gap, specifically in the Eurozone panel. In the European Union panel and its peripheral …
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Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...
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Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...
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